Everest Re Acquires AFC Re

December 26, 2000

Everest Reinsurance (Bermuda) Ltd., a subsidiary of the Everest Re Group announced that it has “acquired AFC Re Ltd., a Bermuda based annuity/life reinsurer, from AFC Holdings Ltd. for approximately $17 million in a cash transaction.”

Everest Reinsurance (Bermuda) Ltd., a subsidiary of the Everest Re Group announced that it has “acquired AFC Re Ltd., a Bermuda based annuity/life reinsurer, from AFC Holdings Ltd. for approximately $17 million in a cash transaction.”

AFC Re has around $253 million in assets and $236 million in liabilities, mostly reserves for annuity benefits. Everest plans to add its four-man staff as part of its current operations.

Peter Bennet, CEO of Everest Re (Bermuda), noted the stressed the increased market presence and additional capabilities his company would now have through the acquisition.

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